2022 Office Space Rent & Sales
- $36.90 2022 Avg. Asking Rent
- 1.27% Y-o-Y Avg. Asking Rent Change
- 15.59% 2022 Office Vacancy Rate
- $1.1B2022 Total Office Sales
- $227.03Avg. Sale Price/SF
Chicago office price per square foot in 2022 was $36.90 on average. This marked a +1.27% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.59% across all asset classes combined. The 24 transactions that closed here throughout 2022 amounted to a total sale volume of $1.1B. Chicago office space commanded an average sale price per square foot of $227.03.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Chicago Class A & A+ Office Space$42.39
- Chicago Class B Office Space$32.68
- Chicago Class C Office Space$24.10
- Illinois Class A & A+ Office Space$34.19
- Illinois Class B Office Space$25.31
- Illinois Class C Office Space$19.07
Chicago, IL Office Asking Rents by Class
Average office rent in Chicago rested at $36.90 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Chicago averaged $42.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.68 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.10 per square foot, on average. Comparably, statewide Illinois average office rents by class in 2022 were: $34.19 per square foot for class A office space; $25.31 per square foot for class B office space; $19.07 per square foot for class C office space.
2022 Office Vacancy Rates in Chicago
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
West Loop | $41.66 | 19.12% |
Chicago CBD | $38.02 | 15.13% |
Northwest City | $36.10 | 13.17% |
South Chicago | $31.48 | 13.62% |
Near South Side | $27.43 | 15.21% |
O'Hare | $27.11 | 23.20% |
Uptown | $24.35 | 17.26% |
Northwest Chicago | $24.29 | 43.44% |
West Side | $22.18 | 22.22% |
Chicago Office Sale Price per SF
- $227.032022 Avg. Price per SF
- -35.57%Y-o-Y Avg. PpSF Change
- $1.1B2022 Office Sales Volume
- 242022 Number of Transactions
Chicago, IL Sale Price per SF Trend
- Chicago Avg. Sale Price per SF in 2022$227.03
- Illinois Avg. Sale Price per SF in 2022$157.60
2022 Office Sales Volume
- Chicago, IL Total Office Sales Volume in 2022 $1.1B
- Chicago, IL Total Number of Office Sales Closed in 2022 24
Largest Chicago Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Leo Burnett Building | 35 West Wacker Drive | 2/23/2022 | $415,000,000 |
200 West Jackson Blvd | 200 West Jackson Blvd | 2/9/2022 | $130,000,000 |
Marmon Building | 225 West Washington Street | 3/2/2022 | $82,625,000 |
Harris Bank Building - West Building | 115 South LaSalle Street | 7/29/2022 | $75,000,000 |
Rush University Medical Center - Triangle Office Building | 1700 West Van Buren Street | 4/14/2022 | $66,718,000 |
Coworking Spaces in Illinois
- Chicago Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Columbus Coworking Space
- Indianapolis Coworking Space
- Columbus Coworking Space
- Raleigh Coworking Space
- Cincinnati Coworking Space
- Raleigh Coworking Space
- Kansas City Coworking Space
- Alexandria Coworking Space
- Alexandria Coworking Space
- Detroit Coworking Space
- Detroit Coworking Space
- Durham Coworking Space
- Memphis Coworking Space
- St. Louis Coworking Space
- Durham Coworking Space
- Louisville Coworking Space
- Memphis Coworking Space
- Milwaukee Coworking Space
- Milwaukee Coworking Space
- Cleveland Coworking Space
- Omaha Coworking Space
- Grand Rapids Coworking Space
- Omaha Coworking Space
- Ann Arbor Coworking Space
- Grand Rapids Coworking Space
2022 Office Construction in Chicago, IL
- Chicago, IL Total SF completed in 2022 2,567,705
- Chicago, IL Total SF under construction in 2023 2,326,009
During 2022, 2,567,705 square feet of new office space were delivered across the market. At the close of 2022, the Chicago office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 2,567,705 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 2,326,009 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Verso - 311 West Huron Street | 311 West Huron Street, 60654 | 153,611 | 2024 |
5650 N Broadway St | 5650 N Broadway St, 60660 | 13,750 | 2024 |
Salesforce Tower | 333 Wolf Point Plaza, 60654 | 1,200,000 | 2023 |
1020 West Randolph Street | 1020 West Randolph Street, 60607 | 29,800 | 2023 |
320 South Canal | 320 South Canal Street, 60606 | 1,475,000 | 2022 |
Fulton Labs at 400 North Aberdeen | 400 North Aberdeen Street, 60642 | 423,460 | 2022 |
The Terminal Humboldt Park - Building A | 1334 North Kostner Avenue, 60651 | 175,000 | 2022 |
800 West Fulton Market | 800 West Fulton Market, 60607 | 480,490 | 2021 |
800 Fulton Market | 800 West Fulton Street, 60607 | 466,500 | 2021 |
320 North Sangamon Street | 320 North Sangamon Street, 60607 | 275,000 | 2021 |
Worth noting among recent office completions on the Chicago market is Verso - 311 West Huron Street, which is currently the largest new office development in the city, at 153,611 square feet.
See reports for other markets
- Naperville Office Rent Price
- Schaumburg Office Rent Price
- Des Plaines Office Rent Price
- Arlington Heights Office Rent Price
- Aurora Office Rent Price
- New York City Office Rent Price
- Phoenix Office Rent Price
- San Antonio Office Rent Price
- Washington Office Rent Price
- Seattle Office Rent Price
- Austin Office Rent Price
- Houston Office Rent Price
- Dallas Office Rent Price
- Charlotte Office Rent Price
- San Francisco Office Rent Price
- Miami Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Chicago commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.